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RealtyTrac, an online market place for foreclosure properties, reported an 8 percent decline nationally in foreclosure filings in September, down from the 32-month high in August but still up 99 percent from the number reported in September 2006.
The decrease in new foreclosure auctions in New York City since the second quarter of 2006 is definitely counter to popular perception of the housing market, but foreclosures are just one factor in determining the economic state of real estate," stated Ryan Slack, chief executive officer, PropertyShark.
Florida foreclosure activity jumped to its highest level of the year so far, with 16,533 properties entering some stage of foreclosure in August -- the most of any state and an increase of more than 50 percent from the previous month.
Even though California has extensive foreclosure equity stripping laws, the state has minimal laws against predatory lending.
With prices at record levels in many areas and interest rates expected to move up, foreclosure activity will likely increase this year, said John Karevoll, an analyst for DataQuick Information Systems.
However, the legal fees that haunted Webster persisted and, even though she had adjusted her loan, by late 2004 she found herself facing foreclosure again.
The mortgagee's treatment of the gain or loss on disposition of property received in a voluntary reconveyance, foreclosure or abandonment depends on (1) whether a gain or loss exists and (2) the mortgagee's method of accounting for bad debts.
However, in the case of dual tracking - moving forward with the foreclosure process while reviewing documents for a loan modification, this is illegal and a lawsuit can be filed.
Government-sponsored enterprise (GSE) monthly foreclosure starts were up 6o percent over the previous month, while all other investor categories were up about 10 percent.
From an accounting point of view, the foreclosure rate changes over time for two reasons: The rate at which properties enter the foreclosure process changes or the rate at which properties exit the foreclosure process changes.
It looks like those same markets where the foreclosure mess began--including California, Florida, Arizona, and Nevada--are now seeing the market bottom and sales pick up again," says McGee.
As of January 2015 the national foreclosure inventory was down 33.